The forecast for the Indian rupee at the end of December this year has been raised to 52 a dollar from 57, based on the reform moves announced recently by the government and the Federal Reserve?s quantitative easing.

Gold rose to a six-month high on Friday, extending a 2-percent rally from the previous session when the Federal Reserve announced a new round of stimulus measure, which could add to the risk of inflation down the line and enhances gold's appeal.

August saw the Indian private sector business growing at its swiftest in six months. The rapid progress was augmented by development in new business since February amid increasing optimism about the future, according to a survey on Wednesday.

Morgan Stanley pared down India's economic growth forecast to 5.1 percent Monday, the lowest to be announced by any private forecaster in the fiscal year 2012/13. The financial services firm ascribed the low growth outlook to weak external demand, low private investment and poor government finances.

Asian stocks declined to a four-week low on Friday as investor sentiment was weighed down by fading optimism on U.S. Federal Reserve Chairman Ben Bernanke to announce more monetary stimulus at the Jackson Hole convention.

Asian shares hit a one-month low on growth concerns Thursday as investors await indications of further U.S. stimulus from the U.S. Federal Reserve Chairman Ben Bernanke’s on Friday. Meanwhile, the major currencies were range-bound.

Risk assets fell Tuesday with the investors awaiting an announcement of some monetary easing measures by the Fed at the meeting of central bankers and economists at Jackson Hole, Wyoming, later in the week.

The potential move to merge with Standard Chartered could be a way for Barclays to thwart possible demands from an activist investor to return capital to shareholders, the Financial Times reported Wednesday.

Congress on Tuesday rolled back some of the restraints imposed on banks after the 2007-2009 global financial crisis, but big players like Goldman Sachs, Morgan Stanley and JPMorgan Chase, will not be breaking out the champagne.